Speedy Cash: Reviews and Comparisons

Finding the right loan can be difficult. With several options to choose from, you may feel overwhelmed and unsure where to start. From traditional loans to payday loans, there’s always a lender willing to work with you. Yet, it’ up to you to review each lender and find the one that offers you reasonable rates.

That said, we’re here to help ease the stress by reviewing Speedy Cash. Opened in 1997, Speedy Cash continues to grow and expand into a leader in the lending space.

If you’re in the states of Nevada, Washington and Oregon, you may know this company as Rapid Cash. The company has come a long way since 1997. And it continues to provide lending options to individuals across the country.

• APR: 99%-199%
• Loan Amount: Varies depending on product
• Term: Varies depending on product
• Payment: Biweekly & Monthly
• Best For: People in extreme emergency situations.
• Not For: People with limited income.

What Types of Loans Are Offered?

First, it’s important to understand the various bad credit loan options you can choose from. What loan you select very much depends on the situation you’re in. Emergencies require fast money, while something such as home maintenance, may not require fast money.

Speedy Cash has a wide variety of loans that include:

• Payday loans
• Title loans
• Installment loans
• Lines of credit
• Check cashing (not a loan)

Later in the article, we’ll take a deep dive into each loan product and understand the details. While the loan looks good on the surface, there could be important information hiding in the details.

What Does Speedy Cash Claim to Do Well (and Is It True)?

When you land on the Speedy Cash home page, you’ll notice right away they specialize in consumer loans. They’ve been around for a couple decades now. And a business doesn’t survive that long without operating at a high level.

Reading the reviews on the website you’ll notice that a popular theme is the cost of borrowing. Some people who request these loans are unaware of the high cost of borrowing. This leaves a bad taste in the consumer’s mouth, thus causing negative reviews.

It does appear true that what Speedy Cash offers, they do well and have been doing it for quite some time. As with any financial product, it’s on you to complete the proper research and due diligence. Their website is transparent. It allows you to make an informed decision or at the very least, know what your options are.

Deep Dive Analysis

Loans for people with bad credit are as follows:

Payday loans are among the most expensive type of loans you can borrow. The loan term for a payday loan is a couple weeks, or on your next payday.

The APR is much higher than a traditional loan because it has to be repaid within weeks.

That said, payday loans are still an expensive form of borrowing.

Next on their offerings list is an installment loan. An installment loan is a note you repay in equal payments across a designated period of time.

Popular installment loans include your auto loan and mortgage.  These are typical installment loans, even for people with excellent credit.

Bad credit installment loans are different. This type of loan is for people with bad credit.

Again, like many of the Speedy Cash products, you only want to apply if it’s an emergency.

From installment loans, Speedy Cash also offers you title loans.

This uses the title of your car as collateral for a note, and should be a short-term, financial solution.

Interest rates for a title loan are on the higher end as well, even though the loan has collateral.

Keep in mind: if you can’t repay the loan, the lender can repo your vehicle. Using this type of loan should be one of your last resorts.

Last on our list is a simple line of credit. It’s like a credit card. Using a line of credit with Speedy Cash, you only pay interest on the funds you use.

That means if you never use your line of credit, you never have to pay interest expenses. But here’s the thing. If you do use the line of credit, it will cost you more than a credit card. And, you should only use it in emergencies.

Funding for these loans can be near instant, all the way to a few days, depending on the method you use to apply.

The application process is quick. And that’s on purpose. Because these loans are for short-term use.

This type of loan has it’s downfalls. If you can’t pay back what you borrowed, you’ll dig yourself deeper into debt.

For a complete list of the details you can visit the FAQ page of their website. The products seem straight forward and appear to work as advertised.

Ensure you read the fine print of your loan documents before signing. That’s where you’ll find the important details.

Loan Rates and Terms: How Much Does it Cost?

While the loans look appealing on the surface, the actual cost of these products may be more than you’re aware off.

For a detailed report, you can look at the rate section of the Speedy Cash website.

For example, if you were to take out a payday loan of $100, with an APR of 460.16% for 14 days, you’re total cost would be $117.65.

Also, consider this example:

You take out an installment title loan of $2,600 at an APR of 95.69% over 42 months. You’re looking at a total repayment of $9,001.89.

These figures are the real cost of doing business with Speedy Cash.

It may help your short-term needs, but the cost of these loans can be very expensive. Sometimes more than triple the original borrowed amount, even if paid as scheduled.

This is why many people paint installment loans in a negative light.

Not only that, but politicians are fighting to have this industry heavily regulated. And even shut down.

What Are the Alternatives?

If you find yourself in a situation where you need cash fast, remember this…

There are several alternatives to keep in mind before using Speedy Cash.

Take time to look at your options, you can save thousands of dollars by doing so.

First, look to take out a personal loan from a bank or credit union. These rates are much more in-line with what you should pay.

Your rates will likely be somewhere in the high single digits or in the teens.

Also, many smaller financial institutions have your best interests in mind. And will only lend what they believe to be necessary.

Next, try applying for a secured credit card. The interest rates are higher than a personal loan, but you will still save money in the long-term. Be sure to pay the balance off as soon as you can.

Here’s another tip.

Find credit card companies that offer introductory, 0% interest periods.

This can last from 6 months up to 15 months… and even longer.

This not only covers your emergency…

But gives you time to repay your balance…with no interest charges.

Other alternatives include taking out a second mortgage…

…in the form of an installment loan or line of credit.

You can also look at taking out a 401(k) loan, but that option varies on your employer.

You can likely speak with your HR department to find out if that’s a possibility.

The Bottom Line

With Speedy Cash, you are likely to get exactly what you apply for.

They’ve been around for quite some time.

And if they were not a valid business operation they would not be around today.

This type of borrowing is an expensive form of borrowing.

Only use it in true emergency situations.

If possible, look at alternative lending options…

…such as a credit card, personal loan, or even a second mortgage.

This not only saves you money…

…it can help prevent you from going further into debt.